I. Relations with the Fund

(As of September 30, 2009)

I. Membership Status: Joined: May 2, 1963; accepted Article VIII in June 1996

II. General Resources Account:

	SDR Million	In percent of quota
Quota	60.20	100.00
Fund holdings of currency	52.77	87.65
Reserve position in Fund	7.44	12.36
Holdings Exchange Rate

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	SDR Million	In percent of quota
Quota	60.20	100.00
Fund holdings of currency	52.77	87.65
Reserve position in Fund	7.44	12.36
Holdings Exchange Rate

III. SDR Department:

	SDR Million	In percent of allocation
Net cumulative allocation	57.58	100.00
Holdings	48.18	83.67

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	SDR Million	In percent of allocation
Net cumulative allocation	57.58	100.00
Holdings	48.18	83.67

IV. Outstanding Purchases and Loans:

	SDR Million	In percent of quota
Poverty Reduction and Growth Facility (PRGF) arrangements	36.26	60.24

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	SDR Million	In percent of quota
Poverty Reduction and Growth Facility (PRGF) arrangements	36.26	60.24

V. Latest Financial Arrangements:

Type	Approval Date	Expiration Date	Amount Approved (SDR Million)	Amount Drawn (SDR Million)
PRGF	Apr. 23, 2007	Apr. 22, 2010	15.05	13.04
PRGF	Jun. 11, 2003	Sept. 30, 2006	30.10	30.10
PRGF	Sept. 10, 1999	Dec. 09, 2002	39.12	39.12

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Type	Approval Date	Expiration Date	Amount Approved (SDR Million)	Amount Drawn (SDR Million)
PRGF	Apr. 23, 2007	Apr. 22, 2010	15.05	13.04
PRGF	Jun. 11, 2003	Sept. 30, 2006	30.10	30.10
PRGF	Sept. 10, 1999	Dec. 09, 2002	39.12	39.12

VI. Projected Payments to Fund

(SDR million; based on existing use of resources and present holdings of SDRs):

	Forthcoming
	2009	2010	2011	2012	2013
Principal		0.69	2.41	4.69	5.10
Charges/interest	0.10	0.21	0.20	0.18	0.16
Total	0.10	0.90	2.61	4.87	5.25

View Table

	Forthcoming
	2009	2010	2011	2012	2013
Principal		0.69	2.41	4.69	5.10
Charges/interest	0.10	0.21	0.20	0.18	0.16
Total	0.10	0.90	2.61	4.87	5.25

VII. Implementation of HIPC Initiative:

				Original Framework	Enhanced Framework	Total
I. Commitment of HIPC assistance
	Decision point date			Sept. 1997	Jul. 2000
	Assistance committed
	by all creditors (US$ Million)1			229.00	324.15
		Of which: IMF assistance (US$ million)		21.70	35.88
			(SDR equivalent in millions)	16.30	27.67
		Completion point date		Jul. 2000	Apr. 2002

View Table

				Original Framework	Enhanced Framework	Total
I. Commitment of HIPC assistance
	Decision point date			Sept. 1997	Jul. 2000
	Assistance committed
	by all creditors (US$ Million)1			229.00	324.15
		Of which: IMF assistance (US$ million)		21.70	35.88
			(SDR equivalent in millions)	16.30	27.67
		Completion point date		Jul. 2000	Apr. 2002

II. Disbursement of IMF assistance (SDR Million)
	Assistance disbursed to the member			16.30	27.67	43.97
		Interim assistance		...	4.15	4.15
		Completion point balance		16.30	23.52	39.82
	Additional disbursement of interest income2			...	2.01	2.01
			Total disbursements	16.30	29.68	45.98

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II. Disbursement of IMF assistance (SDR Million)
	Assistance disbursed to the member			16.30	27.67	43.97
		Interim assistance		...	4.15	4.15
		Completion point balance		16.30	23.52	39.82
	Additional disbursement of interest income2			...	2.01	2.01
			Total disbursements	16.30	29.68	45.98

VIII. Implementation of MDRI Assistance:

I. Total Debt Relief (SDR Million)3		62.12
	Of which: MDRI	57.06
	Of which: HIPC	5.06

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I. Total Debt Relief (SDR Million)3		62.12
	Of which: MDRI	57.06
	Of which: HIPC	5.06

II. Debt Relief by Facility (SDR Million)

	Eligible Debt
Delivery date	GRA	PRGF	Total
January 2006	N/A	62.12	62.12

View Table

	Eligible Debt
Delivery date	GRA	PRGF	Total
January 2006	N/A	62.12	62.12

IX. Safeguards Assessments:

The Central Bank of West African States (BCEAO) is the common central bank of the countries of the West African Economic and Monetary Union, which includes Burkina Faso. The most recent safeguards assessment of the BCEAO was completed on November 4, 2005. The assessment indicated progress has been made in strengthening the bank’s safeguards framework since the 2002 assessment and identified some areas where further steps would help solidify it.

The BCEAO now publishes a full set of audited financial statements and improvements have been made to move financial reporting closer to International Financial Reporting Standards (IFRS). Furthermore, an internal audit charter has been put in place, mechanisms for improving risk management have been established, and follow-up on internal and external audit recommendations has been strengthened.

The results of continuous safeguards monitoring indicate that while certain vulnerabilities remain in internal control systems and legal structure, there has been some progress in other areas, including through: (i) improving the external audit process by adopting a multi-year audit program; (ii) establishing an audit committee; (iii) expanding disclosures on financial positions of WAEMU countries with the Fund in the notes to the annual financial statements; and (iv) further strengthening of the effectiveness of the internal audit function.

X. Exchange Rate Arrangement:

Burkina Faso is a member of the West African Economic and Monetary Union (WAEMU) and has no separate legal tender. The union’s common currency, the CFA franc, is pegged to the euro at a rate of CFAF 655.957 = EUR 1, consistent with the official conversions rate of the French franc to the Euro and the previous fixed rate of the CFA franc to the French franc of CFAF 100= F 1. On November 10, 2009, the rate of the CFA franc in terms of SDR was CFAF 702.03 = SDR 1.0. Effective January 1, 2007, the exchange arrangement of the WAEMU countries has been reclassified to the category of conventional pegged arrangement from the category of exchange arrangement with no separate legal tender. The new classification is based on the behavior of the common currency, whereas the previous classification was based on the lack of a separate legal tender. The new classification thus only reflects a definitional change, and is not based on a judgment that there has been a substantive change in the exchange regime or other policies of the currency union or its member. The exchange system is free of restrictions on the making of payments and transfers on current international transactions.

XI. Article IV Consultations:

The periodicity of Burkina Faso’s Article IV consultation is set in accordance with the July 15, 2002 Executive Board Decision on consultation cycles. Discussions on the 2007 Article IV consultation and first review under the Poverty Reduction and Growth Facility (PRGF) were held during the period September 19–October 4, 2007 in Ouagadougou. The staff report and the Selected Issues and Informational Annex were considered by the Executive Board on January 9, 2008. The next article IV consultation is scheduled for September 2011.

XII. ROSC/AAP:

An FAD mission visited Ouagadougou during May 7–18, 2001 to assist the authorities undertake a draft fiscal module of a Report on the Observance of Standards and Codes (ROSC). The final report, which was issued in July 2002, found that Burkina Faso was making good progress in a number of areas to increase the transparency and accountability of government. Additional efforts are needed to bring a number of improvements to the point of implementation, particularly with regard to expenditure tracking at the local level and external audit functions. Initial discussions indicated that the authorities broadly concurred with the mission assessment. On July 31, 2002, the authorities formally adopted an action plan based on the recommendations of the final ROSC.

An STA mission during May 8–21, 2003 assisted the authorities in preparing a data ROSC. The report was published in March 2004. The mission found that most of the methodologies used in the compilation of macroeconomic statistics are in broad conformity with internationally accepted guidelines. However, most datasets are affected by limited or impaired source data arising from irregularity in the conduct of surveys (national accounts), use of outdated weights (CPI), or low response rate to surveys (balance of payments). For CPI and government finance statistics, data dissemination meets the SDDS requirement, but for other macroeconomic datasets, timeliness falls short of GDDS recommendations. The authorities broadly concurred with the main findings of the mission as well as the recommendations made to address them.

The team, jointly with World Bank staff, also discussed a HIPC Initiative Assessment and Action Plan (AAP) with the authorities. The aim was to assess the capacity of the public expenditure management system to track poverty-reducing public expenditures under the HIPC Initiative and the need for technical assistance to enhance that capacity. The mission secured the officials’ approval of the jointly prepared preliminary assessment; identified the main needs for technical assistance on upgrading the capacity to track such expenditures; and drew up a draft outline action plan. This plan identifies the main needs for further technical assistance to improve tracking of poverty-reducing expenditures. The AAP has been endorsed by the authorities.

XIII. Technical Assistance:

Significant technical assistance has been provided since 1989, more recently especially in the fiscal area:

Department	Type of Assistance	Time of Delivery	Purpose
AFRITAC	Tax Advisor	February 7–11, 2005	Review the progress made on: (1) the setup of the Large Taxpayer Unit and the Medium Taxpayers Office; (2) the steps to strengthen the fiscal control; and (3) the corporate registry reform.
AFRITAC	Customs Advisor	February 14–18, 2005	Provide assistance to control transit merchandises in the country and travelers at Ouagadougou airport.
AFRITAC	Customs, short-term Expert	February 14–23, 2005	Implement customs valuation code and establish a database for indicative import prices.
AFRITAC	Microfinance Advisor	March 21–25, 2005	Assess the TA need of the Cellule responsible of the supervision of microfinance institutions and prepare a capacity-building program.
AFRITAC	Short-term Expert	April 18–29, 2005	Training of auditors of the Tax administration.
AFRITAC	PEM Advisor	June 27, July 1, 2005	Review of the public finance directives of WAEMU.
AFRITAC	STA Advisor and Short-term Expert	June 27–July 5, 2005	Assist in setting up database for the TOFE (first or two scheduled missions) and expand further the scope of the TOFE (last of three scheduled missions).
AFRITAC	Customs Advisor visits	July 10–16, 2005	Advise on customs enforcement and assessment of further TA needs.
AFRITAC	Tax Advisor	August 8–12, 2005	(1) Review the status of implementation of the 2003 FAD mission’s recommendations; (2) update the tax directorate’s action plan; and (3) asses the DGI TA’s needs.
AFRITAC	STA Short-term Expert	August 22–26, 2005	Assist with putting in place the database of public finances.
AFRITAC	Customs Advisor	August 28–September 1, 2005	Advise on customs enforcement and assessment of further TA needs.
AFRITAC	STA Short-term Expert	August 29–September 2, 2005	Assist and set up database for the TOFE (last of the two scheduled missions).
AFRITAC	Microfinance Advisor	September 19–23, 2005	Strengthen operational systems for the surveillance of microfinance institutions.
AFRITAC	STA Short-term Expert	September 19–23, 2005	Assist and setting up database for the TOFE (additional mission).
AFRITAC	PEM Advisor	October 10–14, 2005	Review the status of implementation the January 2004 mission recommendations and assess the technical assistance needs.
AFRITAC	Microfinance Advisor and Short-term Expert	November 21–December 16, 2005	Coach in microfinance inspections.
AFRITAC	STA Advisor	December 6–15, 2005	Review the WAEMU directives on budgetary nomenclature.
AFRITAC	Customs Advisor	January 23–25, 2006	Strengthen the dialogue between the customs administration and the private sector (regional workshop).
AFRITAC	STA Advisor	March 11–25, 2006	Review the directive on the TOFE.
AFRITAC	PEM Advisor	March 13–17, 2006	Review the directive on the TOFE.
AFRITAC	Tax administration; Short term Expert	March 14–28, 2006	Assist in strengthening (1) operations of the LTU; and (2) tax auditing.
AFRITAC	Customs Advisor	March 14–28, 2006	Assist in defining an action plan to improve revenue mobilization.
FAD	Revenue administration mission	March 14–28, 2006	Advise on tax and customs administration reform strategy (including improvement of the large tax payer unit, and strengthening of the tax and customs organization and operations).
AFRITAC	Custom Advisor	April 4–14, 2006	Strengthen the control of goods valuation.
AFRITAC	Tax administration; Short term Expert	April 17–28, 2006	Strengthen the management of the most important taxpayers.
AFRITAC	Tax Advisor	July 24–28, 2006	Follow up the implementation of the recommendations by the FAD mission in March 2006.
AFRITAC	Microfinance Advisor	July 31–August 4, 2006	Identify the follow-up indicators from a distance.
AFRITAC	Real statistic sector Advisor	September 11–20, 2006	Take stock of the implementation of the recommendations by the ROSC mission in March 2004.
AFRITAC	Microfinance, Short term Expert	September 28–October 20, 2006	Accompany the agents of the Cell S-IFD.
AFRITAC	Public expenditure Advisors	October 2–12, 2006	Review and follow up the implementation of the priority action plan in the PF strengthening strategy.
AFRITAC	Microfinance;Short term Expert	October 2–20, 2006	Develop agent’s abilities in inspection and accompany them in the field.
AFRITAC	Customs administration, Short-term Expert	November 20–December 1, 2006	Assess the implementation of preview recommendations relating to the control of goods valuation in the customs.
AFRITAC	Tax Advisor	November 20–December 1, 2006	Strengthen capacities of the tax administration to fight tax evasion.
AFRITAC	Macroeconomic statistics Advisor	March 5–9, 2007	Training in Government Statistics Manual 2001.
AFRITAC	Debt Advisor	March 5–16, 2007	Study the situation of the administrative management of the internal and external debts.
AFRITAC	Customs Advisor	March 12–23, 2007	Follow up the implementation of the recommendations by the FAD mission in March 2006, and assess the implementation of the goods valuation control in the customs.
AFRITAC	Macroeconomic statistics Advisor	March 19–23, 2007	Training in Government finance statistics framework.
AFRITAC	Tax Advisor	March 26–30, 2007	Assist in the implementation of the tax administration strengthening and modernization measures.
AFRITAC	Tax Advisor	May 22–June, 4 2007	Follow up on fiscal administration.
AFRITAC	Custom Advisor	July 16–27, 2007	Computerization of customs procedures.
MCM	Bank supervision	July 23–27, 2007	Technical assistance needs assessment and evaluation on bank supervision.
FAD	Budget management	June 26–July 9, 2007	Advise on tax and customs administration reform strategy (including improvement of the large tax payer unit, and strengthening of the tax and customs organization and operations).
STA	Macroeconomic statistics	November 26–December 7, 2007	Support in setting up fiscal accounts for the Treasury.
FAD	Tax policy reform	27 November–12 December, 2007	Review and simplification of tax system.
FAD/AFRITAC	Public financial management		Assist in the implementation of the authorities’ reform agenda in public financial management.
AFRITAC	Debt Sustainability Workshop	January 28–February 1, 2008	To assist the authorities in the implementation of the Debt sustainability Analysis framework.
AFRITAC	Revenue administration	February 11–22, 2008	Segmentation of taxpayers, functionality of Syntax system and its implementation in the medium taxpayer Office.
AFRITAC	Micro finance supervision	February 11–15, 2008	Support personnel of microfinance supervision.
STA/PEM	UEMOA Directives	February 25–29, 2008	Support the preparation of the revision of UEMOA directives.
STA	National Accounts	April 14–25, 2008	Train staff in national accounts software and improved compilation techniques and tabulation procedures.
FAD	Tax and Customs Administration reforms	June 1, 2008-April 2009	Advise on tax and customs administration reform strategy.
FAD	Modernization of revenue administration	May 1, 2008	Advise on the modernization of revenue administration.
STA	Real Sector Statistics Advisor	December 26, 2007-December 31, 2008	Advise on the compilation of real sector statistics.
FAD	Public Financial Management	April 29-May 11, 2009	Advise on elaborating a strategy to operationalize program budgeting.
FAD	Tax Policy	April 21-May 05, 2009	Review and simplification of tax system.
AFRITAC	Financial Supervision	April 20-24, 2009	Improve the supervision of microfinance institutions.
MCM	Sovereign Asset and Liability Management	April 28-May 5, 2009	Reinforcement of the capacity of the national debt committee.
AFRITAC	Public Expenditure Management	April 28-May 5, 2009	Advise on public financial management and public financial statistics

View Table

Department	Type of Assistance	Time of Delivery	Purpose
AFRITAC	Tax Advisor	February 7–11, 2005	Review the progress made on: (1) the setup of the Large Taxpayer Unit and the Medium Taxpayers Office; (2) the steps to strengthen the fiscal control; and (3) the corporate registry reform.
AFRITAC	Customs Advisor	February 14–18, 2005	Provide assistance to control transit merchandises in the country and travelers at Ouagadougou airport.
AFRITAC	Customs, short-term Expert	February 14–23, 2005	Implement customs valuation code and establish a database for indicative import prices.
AFRITAC	Microfinance Advisor	March 21–25, 2005	Assess the TA need of the Cellule responsible of the supervision of microfinance institutions and prepare a capacity-building program.
AFRITAC	Short-term Expert	April 18–29, 2005	Training of auditors of the Tax administration.
AFRITAC	PEM Advisor	June 27, July 1, 2005	Review of the public finance directives of WAEMU.
AFRITAC	STA Advisor and Short-term Expert	June 27–July 5, 2005	Assist in setting up database for the TOFE (first or two scheduled missions) and expand further the scope of the TOFE (last of three scheduled missions).
AFRITAC	Customs Advisor visits	July 10–16, 2005	Advise on customs enforcement and assessment of further TA needs.
AFRITAC	Tax Advisor	August 8–12, 2005	(1) Review the status of implementation of the 2003 FAD mission’s recommendations; (2) update the tax directorate’s action plan; and (3) asses the DGI TA’s needs.
AFRITAC	STA Short-term Expert	August 22–26, 2005	Assist with putting in place the database of public finances.
AFRITAC	Customs Advisor	August 28–September 1, 2005	Advise on customs enforcement and assessment of further TA needs.
AFRITAC	STA Short-term Expert	August 29–September 2, 2005	Assist and set up database for the TOFE (last of the two scheduled missions).
AFRITAC	Microfinance Advisor	September 19–23, 2005	Strengthen operational systems for the surveillance of microfinance institutions.
AFRITAC	STA Short-term Expert	September 19–23, 2005	Assist and setting up database for the TOFE (additional mission).
AFRITAC	PEM Advisor	October 10–14, 2005	Review the status of implementation the January 2004 mission recommendations and assess the technical assistance needs.
AFRITAC	Microfinance Advisor and Short-term Expert	November 21–December 16, 2005	Coach in microfinance inspections.
AFRITAC	STA Advisor	December 6–15, 2005	Review the WAEMU directives on budgetary nomenclature.
AFRITAC	Customs Advisor	January 23–25, 2006	Strengthen the dialogue between the customs administration and the private sector (regional workshop).
AFRITAC	STA Advisor	March 11–25, 2006	Review the directive on the TOFE.
AFRITAC	PEM Advisor	March 13–17, 2006	Review the directive on the TOFE.
AFRITAC	Tax administration; Short term Expert	March 14–28, 2006	Assist in strengthening (1) operations of the LTU; and (2) tax auditing.
AFRITAC	Customs Advisor	March 14–28, 2006	Assist in defining an action plan to improve revenue mobilization.
FAD	Revenue administration mission	March 14–28, 2006	Advise on tax and customs administration reform strategy (including improvement of the large tax payer unit, and strengthening of the tax and customs organization and operations).
AFRITAC	Custom Advisor	April 4–14, 2006	Strengthen the control of goods valuation.
AFRITAC	Tax administration; Short term Expert	April 17–28, 2006	Strengthen the management of the most important taxpayers.
AFRITAC	Tax Advisor	July 24–28, 2006	Follow up the implementation of the recommendations by the FAD mission in March 2006.
AFRITAC	Microfinance Advisor	July 31–August 4, 2006	Identify the follow-up indicators from a distance.
AFRITAC	Real statistic sector Advisor	September 11–20, 2006	Take stock of the implementation of the recommendations by the ROSC mission in March 2004.
AFRITAC	Microfinance, Short term Expert	September 28–October 20, 2006	Accompany the agents of the Cell S-IFD.
AFRITAC	Public expenditure Advisors	October 2–12, 2006	Review and follow up the implementation of the priority action plan in the PF strengthening strategy.
AFRITAC	Microfinance;Short term Expert	October 2–20, 2006	Develop agent’s abilities in inspection and accompany them in the field.
AFRITAC	Customs administration, Short-term Expert	November 20–December 1, 2006	Assess the implementation of preview recommendations relating to the control of goods valuation in the customs.
AFRITAC	Tax Advisor	November 20–December 1, 2006	Strengthen capacities of the tax administration to fight tax evasion.
AFRITAC	Macroeconomic statistics Advisor	March 5–9, 2007	Training in Government Statistics Manual 2001.
AFRITAC	Debt Advisor	March 5–16, 2007	Study the situation of the administrative management of the internal and external debts.
AFRITAC	Customs Advisor	March 12–23, 2007	Follow up the implementation of the recommendations by the FAD mission in March 2006, and assess the implementation of the goods valuation control in the customs.
AFRITAC	Macroeconomic statistics Advisor	March 19–23, 2007	Training in Government finance statistics framework.
AFRITAC	Tax Advisor	March 26–30, 2007	Assist in the implementation of the tax administration strengthening and modernization measures.
AFRITAC	Tax Advisor	May 22–June, 4 2007	Follow up on fiscal administration.
AFRITAC	Custom Advisor	July 16–27, 2007	Computerization of customs procedures.
MCM	Bank supervision	July 23–27, 2007	Technical assistance needs assessment and evaluation on bank supervision.
FAD	Budget management	June 26–July 9, 2007	Advise on tax and customs administration reform strategy (including improvement of the large tax payer unit, and strengthening of the tax and customs organization and operations).
STA	Macroeconomic statistics	November 26–December 7, 2007	Support in setting up fiscal accounts for the Treasury.
FAD	Tax policy reform	27 November–12 December, 2007	Review and simplification of tax system.
FAD/AFRITAC	Public financial management		Assist in the implementation of the authorities’ reform agenda in public financial management.
AFRITAC	Debt Sustainability Workshop	January 28–February 1, 2008	To assist the authorities in the implementation of the Debt sustainability Analysis framework.
AFRITAC	Revenue administration	February 11–22, 2008	Segmentation of taxpayers, functionality of Syntax system and its implementation in the medium taxpayer Office.
AFRITAC	Micro finance supervision	February 11–15, 2008	Support personnel of microfinance supervision.
STA/PEM	UEMOA Directives	February 25–29, 2008	Support the preparation of the revision of UEMOA directives.
STA	National Accounts	April 14–25, 2008	Train staff in national accounts software and improved compilation techniques and tabulation procedures.
FAD	Tax and Customs Administration reforms	June 1, 2008-April 2009	Advise on tax and customs administration reform strategy.
FAD	Modernization of revenue administration	May 1, 2008	Advise on the modernization of revenue administration.
STA	Real Sector Statistics Advisor	December 26, 2007-December 31, 2008	Advise on the compilation of real sector statistics.
FAD	Public Financial Management	April 29-May 11, 2009	Advise on elaborating a strategy to operationalize program budgeting.
FAD	Tax Policy	April 21-May 05, 2009	Review and simplification of tax system.
AFRITAC	Financial Supervision	April 20-24, 2009	Improve the supervision of microfinance institutions.
MCM	Sovereign Asset and Liability Management	April 28-May 5, 2009	Reinforcement of the capacity of the national debt committee.
AFRITAC	Public Expenditure Management	April 28-May 5, 2009	Advise on public financial management and public financial statistics

XIV. Resident Representative:

Ms Isabell Adenauer took up the post of Resident Representative in June 2008.

II. Joint Management Action Plan (JMAP) Implementation

IMF and World Bank Joint Management Action Plan (Update)

IMF and World Bank Joint Management Action Plan (Update)

Title	Products	Provisional timing of missions	Expected delivery date
A. Mutual information on relevant work programs
Bank work program in next 12 months	Country Economic Memorandum Public Expenditure Review Poverty Reduction Support Grant (PRSG 10)	February 2010	End-November 2009 End-November 2009 Summer 2010
	Technical Assistance Support SOFITEX to develop a risk management strategy Decentralization strategy Support on risk based auditing and follow-up of audit recommendations to the ASCE 2010		2010 On-going (IDF grant)
IMF work program in next 12 months	IMF-supported program: Sixth PRGF review	March 2010	June 2010
	Technical Assistance TA support to follow-up on customs and tax policy administration, PFM, microfinance supervision, and national accounts statistics November 2009 – April 2010 TA on tax policy (follow-up, resources permitting)		November 2009 – April 2010 November 2009-2010
B. Requests for work program inputs
Fund request to Bank	Periodic update on progress with PRSC PER to provide quantitative inputs for fiscal consolidation
Bank request to Fund	Regular updates of medium-term macro projections Fund Relation Note (for budget support operations)
C. Agreement on joint products and missions
Joint products in next 12 months	FSAP-follow-up to help authorities set-up action plan		January 2010
	DSA	March / April 2010	June 2010

View Table

IMF and World Bank Joint Management Action Plan (Update)

Title	Products	Provisional timing of missions	Expected delivery date
A. Mutual information on relevant work programs
Bank work program in next 12 months	Country Economic Memorandum Public Expenditure Review Poverty Reduction Support Grant (PRSG 10)	February 2010	End-November 2009 End-November 2009 Summer 2010
	Technical Assistance Support SOFITEX to develop a risk management strategy Decentralization strategy Support on risk based auditing and follow-up of audit recommendations to the ASCE 2010		2010 On-going (IDF grant)
IMF work program in next 12 months	IMF-supported program: Sixth PRGF review	March 2010	June 2010
	Technical Assistance TA support to follow-up on customs and tax policy administration, PFM, microfinance supervision, and national accounts statistics November 2009 – April 2010 TA on tax policy (follow-up, resources permitting)		November 2009 – April 2010 November 2009-2010
B. Requests for work program inputs
Fund request to Bank	Periodic update on progress with PRSC PER to provide quantitative inputs for fiscal consolidation
Bank request to Fund	Regular updates of medium-term macro projections Fund Relation Note (for budget support operations)
C. Agreement on joint products and missions
Joint products in next 12 months	FSAP-follow-up to help authorities set-up action plan		January 2010
	DSA	March / April 2010	June 2010

III. Statistical Issues

Burkina Faso—Statistical Issues Appendix

As of November 16, 2009

I. Assessment of Data Adequacy for Surveillance
General: Data provision has some shortcomings, but is broadly adequate for surveillance. The most affected areas are: national accounts and price statistics. Burkina Faso has received technical assistance (TA) from the IMF; the TA has been partially financed by Japan.
National accounts: Annual GDP estimates are compiled by economic activity, by institutional sector accounts and by expenditure categories at current and constant prices (1985=100). The quality of the national accounts estimates is affected by the scarcity of suitable data sources and by deficiencies in statistical practices. The informal sector is not properly captured—estimates are derived from limited surveys of the informal sector conducted in 1989 and 1996. Most medium and small enterprises in the “modern sector” fall short of submitting accounting statements or tax declarations. Private household consumption is estimated as the residual and is not adequately validated with supply-use tables.
Price statistics: The CPI (1996=100) only covers households living in the capital; it excludes non-African households, various types of purchased goods and services, and services of owner-occupied dwellings. Compared to neighboring countries, the weight for “food, beverages, and tobacco” is very low. The prices of unavailable products are presumed unchanged for a period of up to three months—best practice would impute a price change for these items based on the recorded prices changes for closely related products. The software package used for calculating the CPI needs to be improved. The producer price index and the wholesale price index are not compiled and the development of these indices is not envisaged.
Government finance statistics: Compilation is constrained by a lack of coordination among fiscal agencies. The data areas for improvement are the production of functional and ministerial breakdowns of expenditure, the extension of coverage of the TOFE to the general government, and basing the compilation on the Treasury ledger.
Monetary finance statistics: Most of the problems in monetary statistics are not specific to Burkina Faso but affect all member countries of the WAEMU. The BCEAO has encountered difficulties in estimating currency in circulation in each WAEMU member country due to large backlogs of unsorted banknotes held by the central bank in its various national agencies.
Balance of payments (BOP): The coverage of informal trade is incomplete. Improvements in the coverage of services and transfers (especially workers’ remittances) depend on the intensification of contacts with reporting bodies. The 2003 data ROSC mission found that the response rate for the survey among industrial and commercial enterprises was only 40 percent. Annual surveys, reporting foreign direct investment transactions, are at a preliminary stage. To improve the quality of the BOP reports, the BCEAO authorities plan to integrate two additional data sources: the regional stock exchange transactions and the firms’ balance sheet database. The BCEAO authorities have indicated that quarterly data, derived from banking settlement reports, will be used to assess the existing BOP reports. BOP compilers receive payment statements every ten days; however, the information is not used in the compilation of the annual BOP statements, but rather to support data quality controls and to provide early information to the BCEAO authorities.
II. Data Standards and Quality
Burkina Faso participates in the General Data Dissemination Standard since December 28, 2001.	A data ROSC mission visited. Burkina Faso during May 8-21, 2003.
III. Reporting to STA (Optional)
In October 2009, annual data and quarterly data for 2006-2008 covering budgetary central government were reported to STA for publication in International Financial Statistics and the Government Finance Statistics yearbook. The BCEAO reports monetary data to STA with a lag of at most three months. Despite requests, BOP and IIP data have not been reported to STA for publication in IFS and the BOPSY since 2001.

View Table

I. Assessment of Data Adequacy for Surveillance
General: Data provision has some shortcomings, but is broadly adequate for surveillance. The most affected areas are: national accounts and price statistics. Burkina Faso has received technical assistance (TA) from the IMF; the TA has been partially financed by Japan.
National accounts: Annual GDP estimates are compiled by economic activity, by institutional sector accounts and by expenditure categories at current and constant prices (1985=100). The quality of the national accounts estimates is affected by the scarcity of suitable data sources and by deficiencies in statistical practices. The informal sector is not properly captured—estimates are derived from limited surveys of the informal sector conducted in 1989 and 1996. Most medium and small enterprises in the “modern sector” fall short of submitting accounting statements or tax declarations. Private household consumption is estimated as the residual and is not adequately validated with supply-use tables.
Price statistics: The CPI (1996=100) only covers households living in the capital; it excludes non-African households, various types of purchased goods and services, and services of owner-occupied dwellings. Compared to neighboring countries, the weight for “food, beverages, and tobacco” is very low. The prices of unavailable products are presumed unchanged for a period of up to three months—best practice would impute a price change for these items based on the recorded prices changes for closely related products. The software package used for calculating the CPI needs to be improved. The producer price index and the wholesale price index are not compiled and the development of these indices is not envisaged.
Government finance statistics: Compilation is constrained by a lack of coordination among fiscal agencies. The data areas for improvement are the production of functional and ministerial breakdowns of expenditure, the extension of coverage of the TOFE to the general government, and basing the compilation on the Treasury ledger.
Monetary finance statistics: Most of the problems in monetary statistics are not specific to Burkina Faso but affect all member countries of the WAEMU. The BCEAO has encountered difficulties in estimating currency in circulation in each WAEMU member country due to large backlogs of unsorted banknotes held by the central bank in its various national agencies.
Balance of payments (BOP): The coverage of informal trade is incomplete. Improvements in the coverage of services and transfers (especially workers’ remittances) depend on the intensification of contacts with reporting bodies. The 2003 data ROSC mission found that the response rate for the survey among industrial and commercial enterprises was only 40 percent. Annual surveys, reporting foreign direct investment transactions, are at a preliminary stage. To improve the quality of the BOP reports, the BCEAO authorities plan to integrate two additional data sources: the regional stock exchange transactions and the firms’ balance sheet database. The BCEAO authorities have indicated that quarterly data, derived from banking settlement reports, will be used to assess the existing BOP reports. BOP compilers receive payment statements every ten days; however, the information is not used in the compilation of the annual BOP statements, but rather to support data quality controls and to provide early information to the BCEAO authorities.
II. Data Standards and Quality
Burkina Faso participates in the General Data Dissemination Standard since December 28, 2001.	A data ROSC mission visited. Burkina Faso during May 8-21, 2003.
III. Reporting to STA (Optional)
In October 2009, annual data and quarterly data for 2006-2008 covering budgetary central government were reported to STA for publication in International Financial Statistics and the Government Finance Statistics yearbook. The BCEAO reports monetary data to STA with a lag of at most three months. Despite requests, BOP and IIP data have not been reported to STA for publication in IFS and the BOPSY since 2001.

Burkina Faso: Table of Common Indicators Required for Surveillance (November 2009)

¹Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

²Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Includes external gross financial asset and liability positions vis-á-vis nonresidents.

⁷Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA)

⁸These columns should only be included for countries for which Data ROSC (or a Substantive Update) has been published.

⁹Reflects the assessment provided in the data ROSC or the Substantive Update (published on March 10, 2004, and based on the findings of the mission that took place during May 8-21, 2003) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording, respectively, are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).

¹⁰Same as footnote 9, except referring to international standards concerning, respectively, source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

Burkina Faso: Table of Common Indicators Required for Surveillance (November 2009)

	Date of latest observation (For all dates in table, please use format dd/mm/yy)	Date received	Frequency of Data7	Frequency of Reporting7	Frequency of Publication7	Memo Items:8
						Data Quality – Methodological soundness9	Data Quality – Accuracy and reliability10
Exchange Rates	Current	Current	D	D	D
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1	06/2009	9/2009	M	M	M
Reserve/Base Money	08/2009	11/2009	M	M	M
Broad Money	08/2009	11/2009	M	M	M
Central Bank Balance Sheet	08/2009	11/2009	M	M	M	LO, LO, LNO, O	LO, O, O, O, O
Consolidated Balance Sheet of the Banking System	08/2009	11/2009	M	M	M
Interest Rates2	10/2009	11/2009	M	M	M
Consumer Price Index	9/2009	10/2009	M	M	M	O, LNO, O, O	LNO, O, O, O, NA
Revenue, Expenditure, Balance and Composition of Financing3 – General Government4	12/2008	4/2009	I	I	I
Revenue, Expenditure, Balance and Composition of Financing3– Central Government	12/2008	4/2009	M	M	M	O, LO, O, O	O, LO, O, O, LNO
Stocks of Central Government and Central Government-Guaranteed Debt5	12/2008	9/2009	A	A	A
External Current Account Balance	2007	9/2009	A	A	A
Exports and Imports of Goods and Services	2007	9/2009	A	A	A	O, O, O, O	LO, O, LO, O, O
GDP/GNP	2007	9/2009	A	A	A	LO, LNO, LNO, LO	LNO, LNO, LO, LO, LNO
Gross External Debt	12/2008	9/2009	A	A	A
International Investment Position6	12/2008	9/2009	A	A	A

¹Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

²Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Includes external gross financial asset and liability positions vis-á-vis nonresidents.

⁷Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA)

⁸These columns should only be included for countries for which Data ROSC (or a Substantive Update) has been published.

⁹Reflects the assessment provided in the data ROSC or the Substantive Update (published on March 10, 2004, and based on the findings of the mission that took place during May 8-21, 2003) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording, respectively, are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).

¹⁰Same as footnote 9, except referring to international standards concerning, respectively, source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

View Table

Burkina Faso: Table of Common Indicators Required for Surveillance (November 2009)

	Date of latest observation (For all dates in table, please use format dd/mm/yy)	Date received	Frequency of Data7	Frequency of Reporting7	Frequency of Publication7	Memo Items:8
						Data Quality – Methodological soundness9	Data Quality – Accuracy and reliability10
Exchange Rates	Current	Current	D	D	D
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1	06/2009	9/2009	M	M	M
Reserve/Base Money	08/2009	11/2009	M	M	M
Broad Money	08/2009	11/2009	M	M	M
Central Bank Balance Sheet	08/2009	11/2009	M	M	M	LO, LO, LNO, O	LO, O, O, O, O
Consolidated Balance Sheet of the Banking System	08/2009	11/2009	M	M	M
Interest Rates2	10/2009	11/2009	M	M	M
Consumer Price Index	9/2009	10/2009	M	M	M	O, LNO, O, O	LNO, O, O, O, NA
Revenue, Expenditure, Balance and Composition of Financing3 – General Government4	12/2008	4/2009	I	I	I
Revenue, Expenditure, Balance and Composition of Financing3– Central Government	12/2008	4/2009	M	M	M	O, LO, O, O	O, LO, O, O, LNO
Stocks of Central Government and Central Government-Guaranteed Debt5	12/2008	9/2009	A	A	A
External Current Account Balance	2007	9/2009	A	A	A
Exports and Imports of Goods and Services	2007	9/2009	A	A	A	O, O, O, O	LO, O, LO, O, O
GDP/GNP	2007	9/2009	A	A	A	LO, LNO, LNO, LO	LNO, LNO, LO, LO, LNO
Gross External Debt	12/2008	9/2009	A	A	A
International Investment Position6	12/2008	9/2009	A	A	A

¹Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

²Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Includes external gross financial asset and liability positions vis-á-vis nonresidents.

⁷Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA)

⁸These columns should only be included for countries for which Data ROSC (or a Substantive Update) has been published.

⁹Reflects the assessment provided in the data ROSC or the Substantive Update (published on March 10, 2004, and based on the findings of the mission that took place during May 8-21, 2003) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording, respectively, are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).

¹⁰Same as footnote 9, except referring to international standards concerning, respectively, source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.